Dubai - A Story to Watch
Here is a quote from WSJ
Dubai’s economy is contracting after a 40% slump in property prices, leaving the emirate struggling to refinance $15 billion of debt this year, according to credit-rating company Moody’s.
The only hope is that Abu Dhabi will help out, but according to WSJ, the sheiks are reluctant to do so. A Dubai default would be a major event in the region making this a story worth watching.
FOLLOW - Oh Dear! I see from Boing Boing (of all places) that the emirates may make it a crime to publish anything that might harm the economy. Pay no attention to those fleeing foreigner!
June 27th, 2010 at 7:15 pm
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